EMU : 25 years after Maastricht : historical challenges, economic ideas, political solutions

Abstract

The signature of the 1992 Maastricht Treaty was a major step in the development of the European Union (EU). It represented not only the key moment of the introduction of the single currency, but also the result of difficult negotiations during which important initial objectives fell by the wayside, notably the idea to accompany economic and monetary union (EMU) with stronger political integration. The financial and public debt crisis that started in 2008, as well as its later political fall-out, could hence be seen as the result of a political structure inadequate to foster economic and monetary integration. Therefore, a historical evaluation of the political context which led to this outcome of the 1991 Intergovernmental Conference (IGC) seems appropriate.